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UKOil: Move up high

Fundamental analysis:

Brent oil remained volatile around 86.282. Oil prices may be affected by global interest rate hikes as global central banks tighten policies amid concerns that stubbornly high inflation will exacerbate upward pressure on prices. Traders have started to factor in further global rate hikes this year, but hope for a lower rate than last year.

Cloth oil UKOil - 4-hour K-line chart shows:

Brief technical analysis:

The 4-hour chart: The bullish momentum moves upwards with high volatility. In the short term, your bullish sentiment remains, the bulls in the market continue to move upward, the MACD indicator is in the bullish zone and is rising slowly, and the RSI indicator is in the bullish zone to maintain consolidation;

Resistance: 86.676 87.015

Support levels: 75.736 85.382

Trading strategy: Bullish above 86.101, target 86.676 87.015
Alternative strategy: bearish below 86.101, target 75.736 85.382

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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